Zopa Current account

friolento

This is the official Zopa position. A tad ambiguous as is often the case with the information they publish.

FIREDreamer

flaneurs_lobster said:

FIREDreamer said:

I put £500 in the current account and got the 4.75% offer. It isn’t a biscuit current account though.

The branding is very discreet (thankfully) especially if you have their earlier er, colourful debit card.

Yes I have that rather garish card!

soulsaver

flaneurs_lobster said:

friolento said:

flaneurs_lobster said:

friolento said:

Has anyone's 1 year 2% cashback for DDs expired yet? Is there a DD cashback for year 2? My account anniversary is late November

Mine has (as in my CA has been open for more than a year). The cashback should have reset, might have to set up a £1.5k DD and just go for it. 

Did you get any communication from Zopa about it?

None at all, just my reading of a Zopa "article" on the subject

https://www.zopa.com/help/article/how-does-cashback-work

Once you hit the yearly Direct Debit cap, you won’t earn any more cashback until your allowance resets, which will happen each year on the date you opened your account. 

Mind you, it also says

The cashback rate is fixed for a year — starting from the day you open your account — and variable after that. Cashback is calculated daily and paid monthly.

I can't find any mention of what this "variable cashback rate" might be, in fact trying to find anything as conventional as Terms & Conditions or a list of Rates & Charges for the current account product has defeated me.

Reluctant to go through significant faff of setting up DD if return not known.

Pretty plain to see...
Biscuit by Zopa – Free to Open Bank Account with Cashback

friolento

soulsaver said:

flaneurs_lobster said:

friolento said:

flaneurs_lobster said:

friolento said:

Has anyone's 1 year 2% cashback for DDs expired yet? Is there a DD cashback for year 2? My account anniversary is late November

Mine has (as in my CA has been open for more than a year). The cashback should have reset, might have to set up a £1.5k DD and just go for it. 

Did you get any communication from Zopa about it?

None at all, just my reading of a Zopa "article" on the subject

https://www.zopa.com/help/article/how-does-cashback-work

Once you hit the yearly Direct Debit cap, you won’t earn any more cashback until your allowance resets, which will happen each year on the date you opened your account. 

Mind you, it also says

The cashback rate is fixed for a year — starting from the day you open your account — and variable after that. Cashback is calculated daily and paid monthly.

I can't find any mention of what this "variable cashback rate" might be, in fact trying to find anything as conventional as Terms & Conditions or a list of Rates & Charges for the current account product has defeated me.

Reluctant to go through significant faff of setting up DD if return not known.

Pretty plain to see...
Biscuit by Zopa – Free to Open Bank Account with Cashback

Not a beep about the cashback on bills after the initial 12 months. 

wmb194

friolento said:

soulsaver said:

flaneurs_lobster said:

friolento said:

flaneurs_lobster said:

friolento said:

Has anyone's 1 year 2% cashback for DDs expired yet? Is there a DD cashback for year 2? My account anniversary is late November

Mine has (as in my CA has been open for more than a year). The cashback should have reset, might have to set up a £1.5k DD and just go for it. 

Did you get any communication from Zopa about it?

None at all, just my reading of a Zopa "article" on the subject

https://www.zopa.com/help/article/how-does-cashback-work

Once you hit the yearly Direct Debit cap, you won’t earn any more cashback until your allowance resets, which will happen each year on the date you opened your account. 

Mind you, it also says

The cashback rate is fixed for a year — starting from the day you open your account — and variable after that. Cashback is calculated daily and paid monthly.

I can't find any mention of what this "variable cashback rate" might be, in fact trying to find anything as conventional as Terms & Conditions or a list of Rates & Charges for the current account product has defeated me.

Reluctant to go through significant faff of setting up DD if return not known.

Pretty plain to see...
Biscuit by Zopa – Free to Open Bank Account with Cashback

Not a beep about the cashback on bills after the initial 12 months. 

It's surprisingly difficult (impossible?) to find the T&Cs for this account but the website repeatedly states that it's £30 per year. I opened the account almost exactly a year ago so I'm going to give it another go next week.

"Earn 2% cashback on Direct Debits, up to £1,500/year"

In the FAQs:

goatfaced

Perhaps they are reserving the right to vary it after 12 months but haven't decided to vary it yet. Interested to see if another cycle of 1500 results in the same amount of cash back for people 😀 

I am using the regular saver at 7.1% but that's not fixed. They pay interest monthly so that's nice. 

friolento

Do you understand the relevance of ONS and BoE, and the £150-£300 RS limit "depending on the bank", in this context? Because I don't. I wish their T&Cs woud be in plain language, and complete.

flaneurs_lobster

goatfaced said:

Perhaps they are reserving the right to vary it after 12 months but haven't decided to vary it yet. Interested to see if another cycle of 1500 results in the same amount of cash back for people 😀 

I am using the regular saver at 7.1% but that's not fixed. They pay interest monthly so that's nice. 

I've set up a DD (w/ Moneybox) that'll take £1500 from the CA on 03/11. If last year's timings are repeated then the cashback will be paid at end Nov.

RG2015

,wmb194 said:

friolento said:

soulsaver said:

flaneurs_lobster said:

friolento said:

flaneurs_lobster said:

friolento said:

Has anyone's 1 year 2% cashback for DDs expired yet? Is there a DD cashback for year 2? My account anniversary is late November

Mine has (as in my CA has been open for more than a year). The cashback should have reset, might have to set up a £1.5k DD and just go for it. 

Did you get any communication from Zopa about it?

None at all, just my reading of a Zopa "article" on the subject

https://www.zopa.com/help/article/how-does-cashback-work

Once you hit the yearly Direct Debit cap, you won’t earn any more cashback until your allowance resets, which will happen each year on the date you opened your account. 

Mind you, it also says

The cashback rate is fixed for a year — starting from the day you open your account — and variable after that. Cashback is calculated daily and paid monthly.

I can't find any mention of what this "variable cashback rate" might be, in fact trying to find anything as conventional as Terms & Conditions or a list of Rates & Charges for the current account product has defeated me.

Reluctant to go through significant faff of setting up DD if return not known.

Pretty plain to see...
Biscuit by Zopa – Free to Open Bank Account with Cashback

Not a beep about the cashback on bills after the initial 12 months. 

It's surprisingly difficult (impossible?) to find the T&Cs for this account but the website repeatedly states that it's £30 per year. I opened the account almost exactly a year ago so I'm going to give it another go next week.

"Earn 2% cashback on Direct Debits, up to £1,500/year"

The ts&cs are in the manage then documents section on the app. It does appear to give the salient information.

friolento

RG2015 said:

,wmb194 said:

friolento said:

soulsaver said:

flaneurs_lobster said:

friolento said:

flaneurs_lobster said:

friolento said:

Has anyone's 1 year 2% cashback for DDs expired yet? Is there a DD cashback for year 2? My account anniversary is late November

Mine has (as in my CA has been open for more than a year). The cashback should have reset, might have to set up a £1.5k DD and just go for it. 

Did you get any communication from Zopa about it?

None at all, just my reading of a Zopa "article" on the subject

https://www.zopa.com/help/article/how-does-cashback-work

Once you hit the yearly Direct Debit cap, you won’t earn any more cashback until your allowance resets, which will happen each year on the date you opened your account. 

Mind you, it also says

The cashback rate is fixed for a year — starting from the day you open your account — and variable after that. Cashback is calculated daily and paid monthly.

I can't find any mention of what this "variable cashback rate" might be, in fact trying to find anything as conventional as Terms & Conditions or a list of Rates & Charges for the current account product has defeated me.

Reluctant to go through significant faff of setting up DD if return not known.

Pretty plain to see...
Biscuit by Zopa – Free to Open Bank Account with Cashback

Not a beep about the cashback on bills after the initial 12 months. 

It's surprisingly difficult (impossible?) to find the T&Cs for this account but the website repeatedly states that it's £30 per year. I opened the account almost exactly a year ago so I'm going to give it another go next week.

"Earn 2% cashback on Direct Debits, up to £1,500/year"

The ts&cs are in the manage then documents section on the app. It does appear to give the salient information.

I don’t even find “manage”, never mind “documents” in either the app or online banking………..